Every year a staggering amount of people get fined for not submitting their tax returns. This year was no exception. HMRC have published the numbers here.
Not surprising the highest volume of returns was received in the last working hour of the tax year with 732,498 returns going in between 4pm and 5pm.
What now though if you are one of those that missed the deadline? Well get it done ASAP! You will already have a £100 penalty and in a few months you will be getting charged £10 a day and further penalties of up to £600. In all a late tax return can cost you £1,500 in no time.
Add to that some some of the penalties are based on the amount of tax you owe and you could be seeing a huge amount on top of your normal tax liabilities. With such penalties why do so many miss? Well it’s probably because the return is a true blocker for many. They simply cannot bring themselves to do it.
Who can blame them? They aren’t fun! Like most things though a problem shared is the way to go. Seek help! A good tax advisor will help you get the return over the line. Just ask.